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Share Name | Share Symbol | Market | Type |
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Community Financial System Inc | NYSE:CBU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 62.59 | 0 | 09:09:48 |
RNS Number:1823T Cater Barnard (USA) PLC 12 December 2003 For Immediate Release 12 December 2003 Cater Barnard (USA) plc (intended to be renamed Griffin Group plc) Introduction to trading on the Alternative Investment Market Audited results for the year ended 30 September 2003 This statement should be read in conjunction with the full text of the Admission Document. Copies of the Admission Document are obtainable one month from today at the offices of Beaumont Cornish Limited, Georgian House, 63 Coleman Street, London, EC2R 5BB Key Points * Cater Barnard (USA) plc, the holding company of the group, provides corporations, institutions and individuals world-wide with investment banking, financial advisory, brokerage and research services in the US and UK. * Trading in the Company's Ordinary shares on AIM commenced today. * 2,800,000 new Ordinary Shares have been placed with investors at 5p per Ordinary Share, to raise #140,000. * The business strategy of the Group is to: - Build on its research based investment banking operations in both the UK and US; - Develop an industry leading research department to build brand awareness and improve investment banking deal flow; - Expand its investment banking teams in the US and the UK with a capability to execute both private and public market capital raising transactions; and - Further develop its focused brokerage operation providing a dealing capability on behalf of institutional and private clients. * The name of the Company will be changed to Griffin Group plc to reflect more closely the Group's operations. The change of name is subject to shareholder approval, which will be sought at the Company's Annual General Meeting, which the Directors expect to hold in January 2004. Adrian Stecyk, Chief Executive commented:- " We are delighted to be listed on AIM, which respresents the next stage in our strategy of building both our US and UK presence on the back of improving markets" Adrian Stecyk, CEO, Cater Barnard (USA) plc 0207 448 1000 Roland Cornish, Beaumont Cornish 0207 628 3396 Shane Dolan, Biddicks 0207 448 1000 INTRODUCTION Cater Barnard (USA), the holding company of the Group, provides corporate financial advisory services. The Company has two principal operating subsidiaries, Griffin Securities and Griffin Securities (UK). OVERVIEW OF ACTIVITIES Griffin Securities is a member of the NASD and the Securities Investor Protection Corporation in the United States. Griffin Securities was incorporated in 1997 and maintains offices in New York, US. Griffin Securities provides corporations, institutions and individuals world-wide with investment banking, financial advisory, brokerage and research services. Adrian Stecyk, who founded Griffin Securities, has extensive business management, investment management, corporate finance, and engineering experience. Prior to forming Griffin Securities in 1997, he co-founded Griffin Capital Management Corp. in 1989, a registered SEC Investment Advisor. Griffin Securities (UK) was established in June 2001 and is authorised and regulated by the Financial Services Authority to carry out investment business in the UK. GRIFFIN SECURITIES' BUSINESS Through its operating subsidiaries the Group's principal activities are sector-focused research, investment banking and brokerage services. Research The Group's analysts seek to identify potentially undervalued, emerging growth companies that have excellent management, sufficient cash in hand to achieve their objectives and which have been largely unnoticed by other financial services firms. Once a research report has been issued, the Group usually distributes the report electronically and by post to its proprietary database of institutional investors. In addition, the research is made available on the Group's web site and distributed through a number of financial news web sites including First Call (www.firstcall.com), Reuters/Multex (www.multexinvestor.com) and Datamonitor (www.researchsummary.com). In addition to company specific research, the Group also issues industry reports. Typically, the industry reports cover numerous companies and are intended to reach a much broader investment audience. The Group has mainly focused on bio-technology companies and over the last two years has issued a range of specific reports on companies such as Cypress Bioscience, Bioenvision, Netsmart, Bone Care International and Covalent. The Group has also issued in-depth industry reports on selected areas including AIDS, pulmonary drug delivery, fibromyalgia, leukaemia and breast cancer. The Directors believe that quality, sector-focused company research helps build brand awareness of the Group and increase its visibility in the marketplace. The Directors believe that research will also improve the quantity and quality of the Group's investment banking and brokerage transactions. Investment Banking The Group's investment banking operations include capital raisings, mergers and acquisitions, and corporate Financial advisory services. The Group primarily focuses on direct private placements of capital for small public or private companies with accredited investors. The Directors believe that the Group is well positioned to capitalise on investment banking opportunities, which are generated by its growing network of relationships with companies and investors, including institutions, venture capital firms and individual investors. The Group's strategy is to service smaller companies that are currently beneath the minimum size threshold of the larger financial services firms. The Group's investment banking engagements are typically for companies seeking to raise between US$1 million and US$10 million. The Group's fees are determined by the type of transaction, but usually consist of a cash component of up to 10 per cent. of the funds raised together with warrants of up to 10 per cent. of the transaction amount. Brokerage The Group's brokerage service enables institutional clients to purchase stock in the open market and individual private clients to trade on-line or with a broker's assistance. The Group intends to use its brokerage services to assist companies, which have large block sellers with the objective of placing these shares without adversely affecting the market price. PROPOSED NAME CHANGE The Directors propose that the name of the Company be changed to Griffn Group plc to reflect more closely the Group's operations. The change of name is subject to shareholder approval, which will be sought at the Company's Annual General Meeting, which the Directors expect to hold in January 2004. DIRECTORS Stephen Dean, Non-Executive Chairman Stephen Dean spent the greater part of his working life in the construction and leisure industry. In 1977, he co-founded the Dean & Bowes Group plc, which he left in February 1992. In 1993, he founded what became Dean Corporation plc (now Lupus Capital plc) which was admitted to the Official List of the London Stock Exchange in 1997. In 1998, he demerged some of Dean Corporation's interests into Artisan (UK) plc, which subsequently listed on AIM. Stephen Dean continued as Chairman of Artisan until 2002. Stephen Dean also developed interests in the technology and financial services sectors and held directorships of a number of publicly-traded companies, including Perthshire Leisure plc, IMS Maxims plc, Envesta plc and Elite Strategies plc in London, and Dialog Group, Inc. in New York. He is currently Chairman of Cater Barnard (USA) and of Cater Barnard, which is also traded on AIM. Adrian Stecyk, Chief Executive Adrian Stecyk has extensive business management, investment management, corporate finance, and engineering experience and was the founder of Griffin Securities. Prior to forming Griffin Securities in 1997, he co-founded Griffin Capital Management Corp. in 1989, a registered SEC Investment Advisor where he was responsible for asset management and investment advisory services to major institutions. He is also a director of Dialog Group, Inc. where he was also interim Chief Executive Officer. Prior to 1989 he was vice president of a NASDAQ company and a member of the technical staff at Charles Stark Draper Laboratory, a technology research and development company. He is a NASD registered General Securities Representative, Uniform Securities Agent and Investment Advisor, General Securities Principal and an FSA approved person in the UK. He holds a Bachelor of Science in Aerospace Engineering and a Master in Business Administration from Boston University. Chrystyna Bedrij, Director Chrystyna Bedrij has over twenty years of experience in investment research, analysis and strategy and is the Director of research at Griffin Securities. Chrystyna Bedrij holds an MBA from New York University's Stern School of Business where she graduated Beta Gamma Sigma and a BA in Economics from Vassar College. She is a NASD General Securities Representative, General Securities Principal and Uniform Securities Agent. At Griffin Securities, Chrystyna also provides consulting and contract research services to individuals, companies and institutions. Previously she was a consultant and banking adviser to Telcordia Technologies, Corp., a subsidiary of Science Applications International Corporation, a private company with sales of US$11 billion. Prior to Griffin Securities, Chrystyna was Managing Director at Griffin Capital Management, an SEC registered Investment Advisor, where she was responsible for research, analysis and investments for private clients and institutional funds. Ms Bedrij was a speaker at several conferences on topics that included: ''Business Strategies for Value Creation'', ''IPOs and Value Creation'', and ''Valuations and Venture Capital''. David Gordon Maclean, Executive Director Gordon Maclean joined the Board of the Company on 27 October 2003. He has spent over 13 years in investment banking with a number of leading companies including Swiss Bank Corporation, Smith New Court (now part of Merrill Lynch) and Robert Fleming & Co. He specialised in the Scandinavian equities market and was involved in several high-profile share issues and corporate transactions. Between 1997 and 2000 Gordon Maclean was head of sales, covering the UK, European, North American and Middle Eastern markets for Den Danske Bank in London. More recently he co-founded two UK based businesses, providing property related services to the telecommunications industry; TelcoSolutions Limited and Six-AM Limited, and co-founded E-Face Limited, which specialises in non-surgical cosmetic procedures. DIVIDEND POLICY In the short term, the Directors do not intend to declare a dividend but will reconsider this as and when the growth and profitability of the Company allows. REASONS FOR ADMISSION TO TRADING ON AIM The Directors believe that the Admission will help to expand and enhance the growth prospects of the Group and raise its profile within its target markets both in the UK and overseas. The Directors believe that it may help to raise funds, if required, from a wider range of financial institutions, which may improve the liquidity of the Ordinary Shares, to the benefit of Shareholders. Also, the Directors plan to provide incentives to staff through a share option scheme, with the intention of both encouraging and retaining key personnel. FINANCIAL RECORD AND AUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003 Years ended 30 September 2003 2002 2001 #'000 #'000 #'000 Turnover 657,353 383,829 1,388,861 Operating profit/(loss) 41,574 (186,752) 712,048 Loss on fixed asset investments - (1,419,457) (38,215) Loss on disposal of subsidiary - - (170,559) Profit/(loss)on ordinary activities before 41,737 (1,619,082) 504,380 taxation In the year ended 30 September 2003 turnover increased 71.3 per cent. to #657,353 (2002: #383,829) as result of an increase in completed transactions in the period. Administrative costs remained broadly flat at #510,031 (2002: #453,548). Profit before tax and earnings per share amounted to #41,737 (2002: # (1,619,082)) and 0.19p (2002: (8.27)p) respectively. Shareholders funds increased to #951,554 (2002: #577,405). The Directors do not propose to declare a dividend (2002: nil). THE PLACING 2,800,000 new Ordinary Shares have been placed with investors at 5p per Ordinary Share, to raise #140,000, which will be principally used to pay the cash expenses of the Admission of approximately #100,000. The new Ordinary Shares will, rank pari passu in all respects with the existing Ordinary Shares and will have the right to receive all dividends and other distributions thereafter declared, made or paid in respect of the issued ordinary share capital of the Company. This information is provided by RNS The company news service from the London Stock Exchange END MSCGUGQWPUPWGRG
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